摘要
由于信息不对称,资产证券化在分散信贷风险的同时,也可能通过激励机制的扭曲不断积累金融风险。本文以美国次贷市场为例,对证券化过程中出现的各种激励问题进行深入分析。吸取美国次贷危机的教训,中国在推进资产证券化时,应加强制度建设,抑制经济行为人的逆向选择和道德风险。
Under information asymmetry, sccuritization may simultaneously lead to accumulation of financial risks due to distortion of inventive mechanisms, although it helps to diversify credit risks. Taking the American subprime market as an example, this paper offers a comprehensive discussion of all kinds of incentive issues occurred in the securitization process. This discussion helps us to learn lessons from the subprime crisis and therefore to promote China＇ s securitization more effectively.
出处
《黑龙江对外经贸》
2008年第8期128-130,共3页
Heilongjiang Foreign Economic Relations and Trade
关键词
信息不对称
资产证券化
激励问题
information asymmetry
securitization
incentive mechanism
